Valley National Bank, opened a loan center in Jacksonville in May 2005. It is a community bank based in New Jersey that has provided banking and financial services to retail, commercial and trust customers for more than 78 years. With assets of over $12 billion, Valley operates 163 branches in 106 communities in the New Jersey and Manhattan areas.
The loan center at 6817 Southpoint Parkway in Southpoint focuses on originating first and second residential mortgages including home equity lines of credit for primary residences, vacation homes and investment properties in Florida. Chris Davis, the assistant vice president and mortgage production manager, was hired in November 2005. He has 15 years experience in the mortgage industry.
“We are really the first operation of any kind for this bank outside of the New Jersey area,” said Davis. He said the bank decided to open the loan center because of the strong Florida market.
HOW WILL YOU COMPETE?
“We offer many interesting things that set us apart in a business where you really can’t set yourself apart. Our pricing standpoint and the business that we target is a little bit different than what the typical lender is out there doing. We are a nearly 100 percent portfolio lender, meaning that all the money that we lend, not only do we keep it and service it, but it is the bank’s money. We are a picky portfolio lender. We are a very conservative lender and lend to the best qualified customers that are looking for the best financing terms. We offer our conforming interest rate up to $750,000. What that means is that normally $417,000 is the limit and interest rates are raised on loans higher than that. We don’t do that; we offer the same rate up to $750,000. We also offer pricing incentives for customers who take a bi-weekly portfolio.”
MORE OFFICES HERE?
“Yes.”
IN THE OFFICE
Barbara Cochran, Bonnie Ciszewski, Kenny Basham and Ellen Black are loan officers.
BEST WAY FOR REALTORS TO REACH YOUR COMPANY
“They can call 332-7080 or visit our website, www.valleynationalbank.com.”
WHAT DO YOU LOOK FOR IN QUALIFIED LOAN OFFICER?
“First and foremost, you can’t get by without integrity. From that standpoint, we can work around other issues that come up, but we could never work around not having integrity. I really wouldn’t look at much else.”
BEST PLACES TO NETWORK?
“We try to be all over. We are members in almost all of the affiliations including the Chamber of Commerce, Northeast Florida Association of Realtors, Northeast Florida Builders Association and Women’s Council of Realtors. Our biggest challenge is to spread the word amongst Realtors. I look at us as having programs that can benefit a Realtor. In the long run they benefit the Realtor’s customers, but doesn’t that benefit the Realtor?”
WHAT CAN REALTORS DO FOR YOU?
“There is so much available for the consumer from a mortgage standpoint that misinformation is one of the biggest issues out there. Deal with a lender that can properly educate your customer and let them do that.”
WHAT CAN LENDERS DO FOR REALTORS?
“When we do our job well and their customers are well educated and understand the process, the process goes smoother. The customer is a more well-educated and well-informed consumer from the Realtor, the lender and the whole process. There is less stress involved.”
BIGGEST CHALLENGE WITH BEING A LENDER?
“Quite often, it can be the consumer. It may hit on qualification or how you get the transaction done. I like to say if we do everything correctly from start to finish, we face very few challenges.”
HOW ARE REALTORS IMPORTANT TO YOU?
“They do a wonderful job as far as helping and guiding customers to us. I’ve been doing this for 15 years and I’ve worked at banks and mortgage companies. What I found is that I always went to the Realtors and asked them to refer me a deal, send me a deal – help me! Now, I go to the Realtor and I say please give me a deal, but I don’t just say ‘deal,’ I say a ‘good deal.’ Here’s what I want and here’s what I don’t want. The Realtors’ ears perk up because I’m not asking for every deal or any deal. The good Realtors are the ones out there offering customer service. Pricing is not the only thing regarding customer service. But, when it comes down to money it may be the first thing that the customer wants. When they can see what we can do and how we can do it, we are an easy partnership for these Realtors.”
by Michele Newbern Gillis